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says that mr. obama wants big government, not a big economy. >> republicans have tried to persuade the president of the need for a course correction. but weeks of negotiations have shown that his commitment to big government is simply too great to lead to the kind of long-term reforms we need. >> question. when the negotiations started, president obama was looking for a big deal. $4 trillion in spending cuts and tax hikes. has the big deal turned into a big fizzle, pat buchanan? >> it has not, john. did it for awhile but now it is back, and we're talking about something close to adds 4 trillion deal. the president is deep in negotiations with boehner and cantor, and here are the terms. you raise the debt ceiling, at the same time there are 3 trillion in cuts, and they deal with social security and medicare. there is no revenue enhancement. however, you get together some kind of commission which what it does, john, it drops tax rates in return for giving away these deductions, exemptions, allowances, breaks, which in effect is pure reaganism. there's one problem with that. there's a
international, who was the editor at the time the found hacking happened. it is a big acts, but i do not think it solves the real issue. >> i am satisfied with rebecca, her leadership in this business, and her standard of ethics, her standard of conduct throughout her career. >> with big consumer company after big consumer company pulling their advertising, the fear of being tainted with the association -- by association with the paper, the future looked bleak. >> it is going to be investigated and there must be a full judicial dead -- judicial- led public inquiry. >> the other paper purchased by rupert murdoch in 1969 was quoted the sun city -- was "the sun." >> police in britain say they have identified four thousand possible hacking victims and hundreds more have contacted them saying they too may have been targets. we have the latest on the investigation. a warning, this report contains flash photography. >> this extraordinary affair might have spelled the end for britain's biggest newspaper, but the repercussions will continue. the police with the commissioner facing questions. the milita
>> susie: a big triple-digit rally on wall street, thanks to big profits from corporate america and a breathrough in those debt talks in washington. >> tom: then, after the closing bell, apple is top banana in the company reports staggering earnings as consumers buy a record 20 million iphones. it's "nightly business report" for tuesday, july 19. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> tom: good evening and thanks for joining us. a banner day for blue chips. the dow surged more than 200 points, its best one-day performance this year. at the close, the dow added 202 points, the nasdaq rose 61 and the s&p 500 up 21 points. then after the bell, susie, apple did it again, posting stunning earnings. >> susie: tom, we're running out of adjectives to describe the amazing growth at apple. it earned $7.79 a share in its fiscal third quarter, crushing estimates by almost $2. revenues also came in better than expected, up 82% to $28.5 billion. and that growth comes as consumers keep s
in britain, news corp. has made big business mistakes in america. it owns dow jones -- it bought at dow jones in 2007 and two years later it was worth $2.8 billion, less than their purchase price. myspace was bought for $580 million in 2005, sold for $35 million this year. but one of their largest shareholder still has huge confidence in the company. >> you have seen a business that has evolved, moving from newspapers and to other media, and moving more into a fee- based business model as opposed to advertising based. i think there is an awful lot of good steps that have been made, and i am very impressed overall with the company's success. >> rupert murdoch is back in america, more comfortable perhaps in a country where big investors still back him as the chief executive. >> here is a man, even though he is 80 years old, warren buffett is 80 years old and he is doing well, sumner redstone, and these are men with long track records of great success. to not want some of that wisdom in there, i think, would be a mistake. as will rogers said, good judgment comes from experience, and a lot of tha
," washington. >> tom: if richard cordray is confirmed, part of his job will be checking the books of big banks. we'll get a better idea of how they're doing in the coming days when many report quarterly earnings. by the end of this week, 40% of financial firms in the s&p 500 will have reported their numbers. as a group, the results are expected to be downright awful. erika miller reports. >> reporter: banks are the heartbeat of the economy, so their health is often used as a barometer of the recovery-- and the stock market. unfortunately for investors, bank analyst jim sinegal sees plenty of uncertainties ahead. >> in addition to macroeconomic uncertainties, with unemployment high, with g.d.p. growth slow, will the banks be able to add new loans? that's number one. number two is the regulatory uncertainty. we are still not sure where capital levels are going to fall out, and how that's going to affect profitability. >> reporter: as for profitability, diversified financials are expected to be the worst performer this earnings season-- down 94%. this is the group that includes bank of america, j
to the business, it's search! >> tom: corporate earnings season heats up with big numbers from google and a healthy quarter from j.p. morgan. it's "nightly business report" for thursday, july 14. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. almost $7 billion in sales equals another blockbuster quarter for google, a blowout beginning to earnings for technology companies. susie, internet search and search advertising continue driving the big profits at the web giant. >> susie: tom, google's earnings surged almost 40% and google stock soared as well, up over $60 or 12% after the closing bell. google earned $8.74 a share in the second quarter, about $1 more than analyst estimates. google continued its hiring blitz, adding 2,400 employees during the quarter. paid clicks, or the number of times internet users clicked on the company's ads, rose 18%, in line w
anger. several big companies have decided not to place advertisements in the paper. our business editor has studied the impact on rupert murdoch's business. >> news corp., for decades a towering elephant of the global media, created and led by rupert murdoch, is facing a grave threat. ford, but to be she, and other big companies with big brands have said they will not advertise in the news of the world this weekend because they do not want to be associated with the shocking revelations about how the newspaper obtained stories. the owner of the news of the world, news corp., had their share price fall 4%, a reputation of crisis that could become a financial problem. news corp. wants to buy the 61% of british sky broadcasting it does not already own, but my sources tell me they have taken the view that news corp. would have to pay 9.6 billion pounds for the british sky broadcasting shares. following this news today, the media regulator says it has a duty to be satisfied that the holder of the broadcasting license is fit and proper. there is a risk it could be brought or unscrambled. b sky
is 1.6 trillion pounds. if italy wants trouble, it is too big to be rescued. -- if italy gets into trouble, it is too big to be rescued. italy has world famous vans. what it lacks is low productivity and low growth. some of those who opposed to de's austerity package fear that without growth, italy cannot escape its problems. >> yes, we need to get the debt under control, but this package is not enough. you have to promote growth. in autumn, will be back to square one. >> financial markets also remain wary. most of the savings will not take effect until 2013. italy's borrowing costs are not just high, but close to being unsustainable. the austerity package will be in italy's lower house tomorrow. it is expected to be passed. the real focus remains away from here in greece. there are still deep divisions over how to organize a second bailout for that country. >> kenya's prime minister has promised that a new camp for refugees across the border from the conflict in somalia will now open. the un built the camps in kenya last year. it was intended for emergencies with houses rathe
! why is he introducing it? >> i think the president is acting in good faith. i think he wants a big deal. i think he will take cuts that contracts won't want and take taxes. because his presidency and the future of the country -- he believes -- [everyone talking at once] >> socialistic. that what you're saying. >> vaguely socialistic, yes. >> when they came out with the report he said -- >> what is that report? >> that's a report that deals with the long-term deficit problems of this country. >> they recommend taxation, do they not. >> they had a whole series of recommendations, and the president said i will stand by what they did, except they're still waiting for him to stand by them. >> he's never taken it seriously, in not in his budget, not in his budget state, know when bowl simpson came city. not when they wanted a clean debt limit increase. so that he is winning a debate over the fiscal future of the country is astonishing! and. >> but he's keeping something else off page one! what is it? >> this is a genuine. >> the unemployment problem? it doesn't even figure in this. >> co
," and there's a big photograph of the hearing ipts. there's murdoch touching his son on the arm and wendy in the background looking contrite. the c.i.d.ny any morning her -- sydney morning's headline is "they were shocked, appalled and shamed that murdoch is denying blame." you have a photo of murdoch and his son looking grim and wendy sitting behind looking none to -- too happy. when you get into the coverage, the lead is the following sentence "rupert murdoch aaccused his commercial rivals in britain of whipping up a stir of the wrongdoing for their own commercial reasons. ." >> we're going to have to leave it there but thank you very much. it's very interesting to see how it's been -- being reported there. professor knight. we just want to show you some of the headlines that are coming up for us here. "murdoch's humble pie." that seems to be be -- the predominant headline on most of the u.k.'s papers. reference to him stating it was the most humbling day of his life. and a photograph of the protestor with the plate of foam and much being said about his wife who defended him by slapping
by the loyalists heavy artillery. just a couple of big towns now stand between them and the road to tripoli. this is not a regular army. it often seems like quite a sleepy little war. >> rebels do seem to have some forward momentum at this part of the front line at least. they need weapons, ammunition and money. for ordinary fighters, the focus is on the next battle. if all goes to plan, this will be in the small town nearby. the rebels some and the tribal leader there. they told him he had 48 hours to evacuate civilians before the assault. the rebels are confident. they believe things are going their way. at the first sound of gun power, they complacently assure us it is just their own a man -- their own and having a bit of target practice. it was in fact government loyalists in a surprise attack. it is a nasty shock for inexperienced troops. a spot vehicles moving towards them. they realize -- they spot vehicles moving towards them. they realize they're being surrounded. with frightening rapidity, the rebels front line collapses. we run. so does everyone else. they held a few miles down t
and syria made a big difference last week when he went to the city of hama during mass demonstrations there. he used human shields according to some, and triggered the embassy attack. >> secretary clinton's message was the strongest by far but that the united states has sent, but it still fell short of calling him to step down. it is a constellate very difficult to get out of. president assad must know that the president -- that the united states will be wary of him in syria. >> the scale of the uk phone hacking scandal is enhanced by new evidence that shows that security for queen elizabeth and other members of the royal family has been put risk. if the bbc has learned that according to company e-mails, the news of the work was paying of royal protection officer for information. there was a director of royal contacts, including royal household staff. four other developments, they tried to obtain details of the former prime minister gordon brown's finances, and that the newspaper tried to access medical information about one of his children culminated an act rupert murdoch's bid for b sky b
of the most powerful yet controversial characters in afghanistan. this is seen as a big blow to the fragile security in the southern kandahar area. people have killed four people in northwest italy. a human rights groups said that four were killed when the troops attack villages in the region. an iranian man was arrested at bangkok international airport as he attempted to smuggle $1.6 million worth of methamphetamine into the country. the drug had been disguised as a work of art weighing up to 10 kilos each. another day of high drama of the phone hacking scandal. every minute something new is happening. news corp. has withdrawn its controversial bid for a full takeover of the british broadcaster bskyb. this came shortly before the british parliament began a debate on the phone hacking scandal. >> rupert murdoch's in the news for the wrong reasons. this is one of the great humiliations' for his career. "we believe that the proposed acquisition of bskyb would benefit both companies. it is too difficult to progress in this climate." there was protests inside and outside of the deal. >> i have
big to be rescued. italy has impressive designers and world famous brands. what this masks is low productivity and low growth. some of those who opposed the yesterday package fear that without growth, italy cannot escape their problems. >> we need to put this on the table but this is not enough. you cannot put that if you do not promote growth. we will be back to square one. >> of financial markets also remain wary. most of the savings will not take effect until 2013. italy's's costs are not as high but close to being unsustainable. costs are borrwing not as high. the real focus remains so way from here increase stand there are still deep divisions over how to organize a second bailout. -- the real focus remains far away from here in greece. >> a new camp for refugees fleeing across the border from the drought and conflict of somalia will open. the one built a camp in kenya last year. this was intended for emergencies. officials said shut -- officials shut this down. they would now open it with in the next 10 days. >> time is the best since in this matter. -- time is of essence in
and provocative with a the bbc license fee frozen, plans are drawn up for big cuts across the organization. that means more job losses and possibly more strikes. >> you are watching bbc news. in a firestorm of controversy over the u.k. telephone hacking scandal, two executives have resigned. at least 32 protesters have been killed during demonstrations against assad. in the global economy, it has been announced that there will be a summit next week in brussels to discuss how to handle the debt crisis and had to provide first aid for greece. eight european banks failed stress tests. >> the financial health of europe's banks has come under the spotlight once again get 90 of the biggest banks across the continent have been tested to see how they will cope with the constraint of another recession and financial meltdown. the stress tests, at a difficult time for european markets. investors are alalready on high alert. stress tests were seen as too soft, especially when two irish banks collapsed after being given a clean bill of health. the european banking authority has since beefed up the test
up for big cuts across the organization which will mean more job losses and possibly more strikes. jim buchanan, "bbc news." >> you're watching "bbc news." our main headline in this hour, a little controversy over the phone hacking scandal. two key executives of rupert murdoch's empire have resigned. at least 32 protestors have been killed during demonstrations against president assad. >> 15 million pounds have been raised for victims of the worst drought in east africa for decades. but the disaster emergency committee says it's not enough to help the 10 million people who are fighting famine and disease. our correspondent has been traveling through some of the worst affected area from north eastern kenya from where he reports. >> this is north eastern kenya, one of the poorest part of the country, the landscape parched, the lives of its people blighted by drought. in one hospital in the district of hobaswain we found three-month old umi. she weighs barely less than a bag of sugar. less than the weight of a healthy children. umi was weak at birth. >> my daughter is alive now, she
. it is a big act. but i do not think it solves the real issues at news international. >> i am satisfied with rebecca and her leadership in this business and her standard of conduct. >> with a consumer company after big consumer company pulling darrent rising from the news of the world for fear of being tainted by association, it was looking bleach. will the parents rehabilitation occurred? >> there must be a full judicial-led a public inquiry. >> the other paper enjewel un."rt, "the so could there be a sunday without a murdoch tabloid? unthinkable. >> police in britain say they have identified 4000 possible hacking victims and hundreds more have not contacted them saying that they, too, may have been targeted. this report contains flash photography. >> this extraordinary affair may have spelled the end for britain's biggest newspaper. but the repercussions will continue. the police and the next commissioner are facing questions. the military has been shocked by new allegations. and hundreds of people may be victims of its practices. the police are striving to cope with calls from people
in the future. >> susie: let's talk a little. we were talking to a big institutional shareholder who is very concern body the outlook for this stock. would you buy news corp at $16. is this an opportunity for investors, or is it too risky? >> near term with the $5 billion share buy back that mr. murdoch announced tuesday that begins on august 5th, i think near term, it's probably a buy at news corp, but long term, you have to wait until the dust settles. there's too much uncertainty, and potential liability that the company and senior managers are facing. that want to invest long term. >> susie: there was an article in "newsweek" written by carl bernstein under the title, murdoch's watergate and saying that this is the beginning of the end of the murdoch empire. your thoughts on that. could that be the case? >> i don't think the empire is going to crumble any time soon. but what i think we are seing is perhaps an end to the celebrity type cuture ta inculcated journalism on both sides of the atlantic and has been mainly stimulateed and driven by the murdoch approach to get the news at any cos
anger. now, several big companies including the halifax virgin holidays and -- have decided not to place advertisements in the news of the world this weekend. >> news corporation nor decades, a towering edifice of the global media, created and led by runnest murdoch, confronts a -- by rupert murdoch, confronts a grave threat. ford, mitsubishi, other big companies with big brands say they don't want to advertise in the news of the world this weekend because they don't want to be associated with the shocking revelations about how the newspaper obtained stories. for news corporation, owner of skr news of the world" whose share price fell almost 4% today a reputational crisis looks like it could become a financial problem. rupert murdoch's news corporation wants to buy the 61% of british sky broadcasting it doesn't already own. now, my sources tell me that bieb's scored had taken the view that news corporation would have to pay around 9.6 billion pounds for the b sky b shares. the media regulator, it has a duty to be satisfied that the holder of a broadcasting license is fit and proper, ther
is really out of control after italy has been hit. it is really too big to bail out. >> president obama have focused on avoiding defaulting on its debt. there was a mix of spending cuts. a powerful typhoon has had parts of japan bringing heavy rain and wind. if forced road closures and flight cancellations. it is expected to approach eastern japan. congressmen are traveling to the islands on wednesday. the trip is a peace mission. you're watching live from singapore. still to come, hillary clinton's trade talks in india. why one of his victims is trying to stop the execution. the government continues to call for the downfall. >> is all part of the syrian cycle of violence. protests, shootings, funerals, shootings. these images, as some residents say they are stuck in their homes. as well as the opposition at home, it faces changes from nevada. >> i talked with them about the need for reform. he promised that he would work towards that. >> a broadening out of the diplomatic isolation. >> it is necessary that the international community and not just europe clearly speak out against the syrian
business together. $1.3 trillion economy is a big market for the utah and there lots of talk about investment opportunities during mrs. clinton's visit. >> you're watching "newsday." still to come on the program, the aid agency that had controversy by handing out less aid in uganda. >> and murdoch and sons prepare to answer questions about phone hacking corruption. we assess the future of news corp. south africans have celebrated former president's nelson mandela 93rd birthday. he spent the day with family in his home village where he was also visited by the president. millions of school children sang him a special birthday song before lessons began. >> smiling and surrounded by family members, these photos show mandiba as he is affectionately called with his family, three generations of them. the elderly statesman celebrated on monday with a party of school children at his home in his childhood village. [happy birthday to you ♪ >> across the country, school children sang a special version of the birthday song, happy birthday dada, mandiba. two years ago it was mandela day. and h
of a tent. there are stubbornly high death rates here. a delegation representing the u.s. another big donors came to see what needs to be done to prevent this refugee emergency turning into a disaster. >> the main key right now is to focus on the humanitarian side. we are in very deep need of better 10th facilities, better health facilities as well. it is absolutely a top priority, and the death rate we are seeing here is staggering. >> if the influx of somali refugees continues or becomes even bigger, the plan is to turn this area into the next refugee camp. it could be needed in just a matter of weeks. no wonder that everyone agrees that the emergency operation needs to be ramped up considerably. in the latest batch of refugees across the border, a greater number of the elderly and infirm. caring for them is adding to the complexity of this crisis. >> you are watching newsday on the bbc live from singapore and london. still to come, the latest from northern ireland, where police officers are trying to restore order after riots broke out in belfast. >> rejecting claims of buying his way to
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